Agriculture News
Weekly corn inspections totaled 642,095 MT, up 16,851 MT from the previous week and are running 10.5% ahead of year-ago, while soybean inspections totaled 393,004 MT and are trailing year-ago by 16.2%.
Short-term trend turns bearish for soybeans and soymeal.
Winter wheat futures led losses in the grain and soy markets during overnight trade.
Access this week’s newsletter here.
Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.
For week ended Sept. 7, USDA reported weekly soybean sales of 703,900 MT, 34.2% behind a year ago at this time. Weekly meal and oil sales notched net reductions during the week of 201,600 MT and 3,900 MT, respectively.
USDA reported weekly new-crop corn sales of 949,700 MT in week ended Aug. 31, which was near the top-end pre-report range, while soybean sales totaled 1.78 MMT. A fresh marketing year began Sept. 1.
Corn, soybeans and wheat held in tight trading ranges during a quiet overnight session.
Soybean basis turns negative for the first time this year.
Despite the stronger consumer inflation data, Fed fund futures reflect increased odds the Fed will embark on an extended pause for interest rates.
Grain futures posted two-sided trade overnight, with corn and wheat favoring the upside and soybeans mildly weaker early this morning.
USDA cut its soybean crop estimate a little more than anticipated, while the cotton crop came in well below expectations.
In its September WASDE, USDA increased planted corn acres, offsetting the reduction in yield to 173.8 bu. per acre, down from 175.1 in August. Soybean planted acres rose slightly, while the yield was trimmed to 50.1 bpa.
Corn, soybeans and the winter wheat markets have turned weaker this morning after two-sided trade earlier in the overnight session.
Both crops continue to be rated under year-ago.
Weekly new-crop corn inspections have kicked the marketing year off ahead of last year at this time by over 4%, while soybean inspections lagged by over 21% in week ended Sept. 7.
Corn and soybean futures mildly favored the upside in light trade overnight, while wheat posted modest losses.